TransUnion Launches Online Rental Application Tool
- Aug 25, 2008
By Erika Schnitzer, Associate EditorChicago–TransUnion, a credit and information management company, has launched MySmartMove (www.mysmartmove.com), an online solution to help small multifamily operators and independent rental owners evaluate prospective residents’ rental applications.TransUnion’s goal was to take the level of sophistication of its Credit Retriever product and apply it to the market of smaller property management companies, says Mike Mauseth, vice president of business strategy and development for TransUnion’s rental screening solutions. The target market for this tool is managers of 300 or fewer units, though Mauseth asserts that managers with larger portfolios have also shown interest.With MySmartMove, property managers and owners can receive instant recommendations based on their set criteria and TransUnion’s data and analytics. Additionally, the tool allows for instant online enrollment that provides rental owners access to the service upon receipt of authorization from the prospective renter, as well as a way to check renter applications against one of the largest credit, criminal and eviction databases.”We wanted to make it secure [for prospective residents], because larger owners are all vetted by credit bureaus. We had to come up with new ways to secure the information and make sure the parties involved in the screening are who they claim to be,” Mauseth tells MHN. With this tool, TransUnion acts as the trusted third party.Unlike traditional applicant screening, MySmartMove does not display social security and credit account numbers to the property manager, though it still provides access to prospective renters’ payment histories. In addition, there are no monthly service fees to use MySmartMove, so small management companies can use the tool as infrequently as needed.To use, the manager first sets up an account and uses the site to email the prospective resident a link to provide consent for the manager to access his information. Once this consent is given, the manger receives a tailored recommendation from TransUnion, based on the property’s information and risk criteria, as well as the risk level of the renter based on parameters the manager sets. Managers receive one of four recommendations: accept, low accept, conditional accept or decline. They can also receive recommendations for different properties, joint tenants and rent deposit amounts. Additionally, with the tool, the manager can determine which party pays for the service.